Pune, India, July 27, 2022 (GLOBE NEWSWIRE) -- The global Identity as a Service Market size was USD 3.99 billion in 2021. The market is estimated to grow from USD 4.92 billion in 2022 to USD 23.88 billion in 2029, exhibiting a CAGR of 25.3% during the forecast period. Strong cloud adoption, digitization, and rising breaches across several industries are expected to fuel market growth. Fortune Business Insights™ mentions this information in its report titled “Identity as a Service Market, 2022-2029.”
Identity as a service is cloud-based access management and identity subscription model protecting organizations from cyber threats. Strong adoption of cloud services and rapid digitization globally is expected to boost its adoption. The emergence of several businesses and the rising adoption of digitization may boost its sales. Further, rising data breaches, hacks, and frauds across several organizations necessitate the demand for effective data protection software. These factors may propel industry growth in the coming years.
Key Industry Development:
October 2021: Equifax Inc. announced its first digital identity service platform by collaborating with Bonifii. The new solution utilizes cryptography to provide an excellent user experience and improved protection against hacking and fraud.
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Report Scope & Segmentation
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||25.3%|
|2029 Value Projection||USD 23.88 Billion|
|Identity as a Service Market Size in 2021||USD 3.99 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||150|
|Segments covered||Solution, Deployment, Enterprise, End- User|
|Identity as a Service Market Growth Drivers||Growing Regulatory Compliances for User Data Protection to Drive Market Growth|
|Sudden Downtime and Technical Error to Hinder Market Expansion|
Rapid Adoption of Digital Services to Facilitate Market Growth
This market is expected to be positively impacted during the COVID-19 pandemic owing to the rapid adoption of digital services. Small and big businesses shifted to digital platforms due to the pandemic. This factor increased the adoption of security services that safeguard organizational data and prevent leaks. For example, the National Health Service of England adopted digital IDs to examine healthcare professionals in the pandemic. Further, the rapid development of e-commerce platforms is expected to fuel industry growth. These factors may propel market growth during the pandemic.
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Drivers and Restraints:
The emergence of Several Regulatory Compliances for User Data Protection to Drive Growth
Several countries globally implement stringent regulations for the utilization of consumers’ data. As per the Act on Protection of Personal Information, California Consumer Privacy Act, Personal Information Protection and Electronic Documents Act, and the General Data Protection Regulation (GDPR), the adoption of personal data is allowed if complied with the regulations. These regulations mandate the ethical adoption of data collection to ensure consumers’ privacy. Further, identity service adoption from several businesses for secure operations may drive the identity as a service (IDaaS) market growth.
However, technical errors and downtime issues may hinder the market’s progress.
Solution, Deployment, Enterprise Size, End User, and Region are Studied
By solution, the market is segmented into single sign-on (SSO), multi-factor authentication (MFA), provisioning, privacy management, password management, advanced authorization, and others. As per deployment, it is trifurcated into public cloud, private cloud, and hybrid cloud. On the basis of enterprise size, it is bifurcated into SMEs and large enterprises. Based on end user, it is categorized into IT & telecom, BFSI, retail, healthcare, government, education, and others. Regionally, it is clubbed into North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Extensive Adoption of Cloud-Based Technology to Foster Industry Progress in North America
North America is expected to dominate the identity as a service (IDaaS) market share due to extensive adoption of cloud-based technology. The market in North America stood at USD 1.44 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
Further, rising demand for user identification solutions and increasing adoption of effective services are expected to fuel identity as a service sale. These factors may propel market development.
Asia Pacific is expected to witness a significant incline due of the shift toward digitalization. Further, the shift of employees, clients, and consumers toward digital platforms is expected to nurture market development. In addition, the growing adoption of digital payment systems and the United Payment Interface is expected to bolster market development.
In Europe, the shift of companies to digital platforms is expected to reinforce identity as a service industry development. According to Accenture Europe Cloud Continuum, in 2020, nearly 35% of the workload in Europe is carried out on cloud services. This factor may incite remunerative industry growth.
Manufacturers Launch Novel Solutions to Improve Solutions
The prominent companies operating in the market announce novel solutions to improve their identity as a service offering and boost their brand image. For example, Auth0 announced its identity platform fused with private cloud-based deployment by partnering with Microsoft Azure in December 2021. This development may enable the company to offer effective and better solutions and simultaneously improve its brand image globally. Further, adopting research and development, acquisitions, expansions, and merger strategies may allow companies to improve their market position globally.
List of Key Players Mentioned in the Report:
- Ping Identity Corporation
- OneLogin Inc.
- Atos SE
- Microsoft Corporation
- Oracle Corporation
- Salesforce Inc.
- Google LLC
- CA Technologies, Inc.
- SailPoint Technologies Inc.
- IBM Corporation
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Major Table of Contents:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Identity as a Service (IDaaS) Key Players Market Share Insights and Analysis, 2021
- Global Identity as a Service Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Solution (Value)
- Single Sign-on (SSO)
- Multi-factor Authentication (MFA)
- Privacy Management
- Password Management
- Advanced Authentication
- Others (Directory Services, Access Security, etc.)
- By Deployment (Value)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Enterprise Size (Value)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By End User (Value)
- IT & Telecom
- Others (Automotive, Manufacturing, etc.)
- By Region (USD)
- North America
- South America
- Middle East & Africa
- Asia Pacific
How big is the Identity as a Service Market?
According to Fortune Business Insights the global identity as a service market is projected to grow from $4.92 billion in 2022 to $23.88 billion by 2029, exhibiting a CAGR of 25.3% in forecast period.
How big is Identity as a Service Market in North America?
The market in North America stood at USD 1.44 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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